Iran, EAEU poised to enhance bilateral trade by $20bn: TPOI

TEHRAN, Feb. 01 (MNA) – Head of Trade Promotion Organization of Iran (TPOI) said that Islamic Republic of Iran and Eurasian Economic Union enjoy high capacity to enhance mutual trade by $20 billion.

Hamid Zadboum broke the news on Sunday and said that talks on Free Trade Agreement (FTA) with Eurasian Economic Union is the first step for $20 billion trade, so that the two sides will start negotiating Preferential Trade Agreement next month.

He reiterated that Islamic Republic of Iran enjoys high capability to enhance its trade with EAEU’s member states.

If capacities of the country in knowledge-based, industrial and agricultural products are added to the existing volume in trade exchanges with EAEU, the capacity of volume of bilateral trade exchanges between the two sides will hit $20 billion.

Zadboum put the current volume of trade exchanges between EAEU’s member states including Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan and Islamic Republic of Iran at $850 million.

If Preferential Trade Agreement (PTA) between Iran and EAEU’s member states is implemented from Oct. 26, 2019 to Oct. 26, 2020, the volume of bilateral trade exchanges will hit $2.5 billion, he added.

The Preferential Trade Agreement (PTA) which laid the ground to Free Trade Talks between Islamic Republic of Iran and Eurasian Economic Union includes 862 items of goods, 360 products of which belong to the Islamic Republic of Iran in its trade with the Union.

He went on to say that implementation of Preferential Trade Agreement (PTA) kicked off on Oct. 26, 2019 between Iran and EAEU, adding that necessary talks started between the two sides for receiving license on Free Trade Agreement on Oct. 26, 2020.


News Code 169283


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